Shares of Mister Car Wash, Inc. (NYSE: MCW) soared nearly 10% in pre-market trading on Wednesday, October 31, 2024, after the company reported better-than-expected financial results for the third quarter of 2024 and raised its full-year guidance.
The car wash company reported adjusted earnings per share of $0.09 for the quarter ended September 30, 2024, surpassing analysts' estimates of $0.07. Revenue rose 6.5% year-over-year to $249.33 million, slightly exceeding expectations of $249.15 million.
Mister Car Wash's strong performance was driven by a 2.9% increase in comparable store sales and a 10% rise in adjusted EBITDA to $79 million. The company's Titanium membership offering exceeded expectations, contributing to a 9% increase in Express revenue per member.
During the quarter, Mister Car Wash opened 10 new stores, reaching a milestone of over 500 locations nationwide. The company also reported record-high employee engagement scores, reflecting its commitment to fostering a strong company culture and staff well-being.
Looking ahead, Mister Car Wash raised its full-year revenue guidance to a range of $988 million to $995 million, up from its previous estimate. The company also increased its adjusted net income and adjusted EBITDA guidance, citing its strong performance and positive outlook.
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